| Decision | Consent granted Section 12(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 10 June 2015 |
| Investment | An overseas investment in sensitive land, being the Applicant's acquisition of a freehold interest in a 1/5th undivided share in approximately 68.4ha at Collins Road, Hamilton. |
| Consideration | $420,000 |
| Applicant | Pengxin New Zealand Farm Group Limited Zhaobai Jiang, China, People's Republic of (99.0%) Lei Jiang, China, People's Republic of (1.0%) |
| Vendor | Westpac New Zealand Limited Westpac Banking Corporation, Australia (100.0%) |
| Background | The Applicant previously acquired an undivided 4/5th interest in the land. The remaining 1/5th interest was not available at that time, however, it is now being sold through a mortgagee sale. The Applicant intends to undertake additional investment and upgrades to the land. The overseas investment transaction has satisfied the criteria in section 16 of the Overseas Investment Act 2005. The 'substantial and identifiable benefit to New Zealand' criteria were satisfied by particular reference to the following factors: Overseas Investment Act 2005 Overseas Investment Regulations 2005 |
| More information | Tessa Baker Chapman Tripp PO Box 2206 Auckland 1140 |